A twenty-five percent plunge in oil prices might seem to make curbing the supply of crude a no-brainer for the world’s oil producers.
And yet it looks increasingly possible that the 161st ordinary meeting of the Organization of Petroleum Exporting Countries, or OPEC, in Vienna this week could end in a virtual stalemate. The meeting, slated to begin Thursday afternoon local time, could even be a repeat of last June’s at which no communique, or statement, was issued as no agreement as to output levels at the time could be made.
Already, sources in Vienna are speculating that this year’s meeting could last into Friday. The internal politics which have long plagued OPEC threaten to become a wider rift as member nations, including Saudi Arabia, continue to produce oil at levels above the 30 million barrel per day ceiling they agreed to in December.
- OPEC expected to keep oil target unchanged (arabtimesonline.com)